Apella Wealth Buys $144M California RIA
Apella Wealth, the West Hartford, CT-based RIA with $4.8 billion in assets and backed by Wealth Partners Capital Group and private equity firm HGGC, has acquired Young Wealth Management, an advisory firm with $144 million in assets. This is Apella’s fourth acquisition this year and expands the firm’s presence in Davis, CA.
Financial terms of the deal, which closed on December 13, were not disclosed.
Led by founder and principal Kevin Young, Young Wealth Management provides financial planning and wealth management services to individuals and families.
“Kevin’s dedication to building lasting client relationships coupled with his proven track record of success aligns with Apella’s mission,” said Apella CEO, Patrick Sweeny. “Together, we look forward to expanding our impact and continuing to deliver exceptional financial guidance.”
This is Apella’s 20th acquisition since its launch in 2014, and 9th since partnering with Wealth Partners Capital Group, who invested in Apella in September 2021. The firm, founded by David Connelly and Sweeny, now has about 50 advisors and four locations in California, including in Huntington Beach, Irvine and San Francisco.
Firms acquired by Apella adopt its branding, become W-2 employees, and receive access to a technological platform and menu of resources that include retirement plan professionals, research, marketing, and client education.
Last week, Apella announced the acquisition of Barker Financial Group, Inc., a Topsfield, MA-based RIA with $218 million in assets. In April, the firm struck a deal to buy ClearLogic Financial, Inc., a $464 million Reston, VA-based RIA.
